president obama has 274. that is it. it is done. this is the scene in chicago at the president's victory rally. as you can see, quite a large crowd, quite an enthusiastic crowd, having just gotten the news that the president has been elected to another four year term. bob schaffer. >> president obama, despite the state of the economy, has become the first president re- elected since fdr with an unemployment rate this high. >> it's a remarkable victory, and i must say it is a tribute to the strategists on president obama's campaign team. while mitt romney mitt was talking about how he was the expert on the economy, they said every hour we're not talking about the economy and jobs is an hour lost. while they were doing that, the abam ma team was going into the battleground states and defining mitt romney in their own terms. and their terms were this guy is not somebody who's going to fix the economy. this guy is just trying to keep taxes low for his rich friends and that is what did it. >> as we watched the president's campaign rally